Kolkata based early tech start-up Data Sutram has raised funding of Rs 2 Crore ($226,800) from the Indian Angel Network (IAN) angels Uday Sodhi, Nitin Jain and Mitesh Shah. Earlier this year, Data Sutram was a part of Sanjay Mehta’s 100X.VC’s first class of 20 companies. It raised Rs 25 lakh from 100X.VC, a seed-stage venture capital firm.
Data Sutram which is operated by Extrapolate Advisors Pvt Ltd was founded in the year 2018 by three Jadavpur University engineering graduates Ankit Das, Rajit Bhattacharya and Aisik Paul. The start-up focuses on gathering intel from external data to provide location-based data intelligence.
Starting at 12 data sources, the B2B focused start-up claims that it helps a business by pinpointing new locations to expand, improve the performance of existing physical and digital assets, and micro-targeting the right audience for the product. The engine taps into over 200+ data sources in a span of six months to garner intelligence.
Currently, the Kolkata based start-up is focused on retail-specific sectors such as pharmacy, FMCG, and grocery, with plans of further expansion into the BFSI, aggrotech, media and entertainment sectors soon.
The tech start-up will uncover raw data sources and calculate socio-economic parameters like ethnicity, spending capacity, affluence, demography and a host of other parameters to understand the location. With the help of the funding, Data Sutram is aiming to resolve the problem occurring due to the massive availability of valuable insights lying in the form of unstructured data from multiple resources. This data needs to be cleaned, geotagged, processed and converted into a form which can be used by the business.
Rajit Bhattacharya, one of the Founders of Data Sutram explained that Data Sutram’s platform has enabled companies to identify areas for delivering goods during the lockdown imposed due to the spread of coronavirus pandemic. He further added that the investment by IAN will help the AI-backed platform to strengthen its platform in providing enhanced services to their consumers.